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CNG, RNG, and Hydrogen Tanks Market worth $3.8 billion by 2027 – At a CAGR of 9.8%

Published: April 24, 2023
According to a market research report, the “CNG, RNG, and Hydrogen Tanks Market by Gas Type (CNG, RNG, Hydrogen), Material Type (Metal, Carbon Fiber, Glass Fiber), Tank Type (Type 1, Type 2, Type 3, Type 4), Application (Fuel, Transportation), and Region – Global Forecast to 2027″, is anticipated to grow from USD 2.4 billion in 2022 to USD 3.8 billion by 2027, registering the CAGR of 9.8% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in natural and fuel cell electric vehicles are expected to drive the market.

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  • 264 Market data Tables
  • 49 Figures
  • 235 Pages and in-depth TOC on “ CNG, RNG, and Hydrogen Tanks Market – Global Forecast to 2027”
This report also provides a comprehensive analysis of the companies listed below:

Worthington Industries, Inc. (US), Luxfer Group (UK), Hexagon Composites ASA (Norway), Quantum Fuel Systems LLC. (US), Everest Kanto Cylinders Ltd. (Mumbai), Praxair Technologies Inc. (US), Avanco Group (Germany), Xinyi Beijing Tianhai Industry Co. Ltd. (China), Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), Faber Industrie SpA (Italy), are some of the key players in the CNG, RNG, and hydrogen tanks market.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the CNG, RNG, and Hydrogen Tanks Market.

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Worthington Industries is a diversified metal manufacturing company focused on value-added steel processors and metal products. The company manufactures pressure cylinders for CNG, LPG, oxygen, and other industrial gases. It operates through three major business segments: steel processing, pressure cylinders, and engineered cabs. These steel processing, pressure cylinders and engineered cabs operating systems catered to approximately 800, 4,500, and 65 customers, respectively, primarily located in the US, in 2019.

The pressure cylinders segment sells and manufactures filled and unfilled pressure cylinders, tanks, hand torches, well water and expansion tanks, and oil & gas equipment to various end-use applications such as consumer products, alternative fuels, industrial products, and energy. Alternative fuels include composite and steel cylinders, used to hold CNG and hydrogen, for automobiles, buses, and light-duty trucks, and propane/autogas for automobiles, and light- and medium-duty trucks.

Luxfer Group is one of the key players in materials technology dealing with the manufacturing, design, and supply of high-performance materials, gas cylinders, and components. It operates its business based on two divisions: electron and gas cylinders. The company’s area of expertise covers the metallurgical and chemical properties of magnesium, zirconium, carbon, and rare earths. It has 19 manufacturing plants operating in 7 countries across the world. The gas cylinder division manufactures products made from composites and aluminum, using technically advanced processes. The company produces and sells its products through two brands: Luxfer Gas Cylinders and Superform. Under Luxfer Gas Cylinder, the group manufactures and develops high-pressure aluminum and carbon composite cylinders.

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